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Property and Casualty Insurance (C) Committee

2019 Charges

PROPERTY AND CASUALTY INSURANCE (C) COMMITTEE

The mission of the Property and Casualty Insurance (C) Committee is to: 1) monitor and respond to problems associated with the products, delivery and cost in the property/casualty (P/C) insurance market and the surplus lines market as they operate with respect to individual persons and businesses; 2) monitor and respond to problems associated with financial reporting matters for P/C insurers that are of interest to regulatory actuaries and analysts; and 3) monitor and respond to problems associated with the financial aspects of the surplus lines market.

Ongoing Support of NAIC Programs, Products or Services

  1. The Property and Casualty Insurance (C) Committee will:

    1. Discuss issues arising and make recommendations with respect to advisory organization and insurer filings for personal and commercial lines, as needed. Report yearly.
    2. Monitor the activities of the Casualty Actuarial and Statistical (C) Task Force.
    3. Monitor the activities of the Surplus Lines (C) Task Force.
    4. Monitor the activities of the Title Insurance (C) Task Force.
    5. Monitor the activities of the Workers' Compensation (C) Task Force.
    6. Provide an impartial forum for considering appeals of adverse decisions involving alien insurers delisted or rejected for listing to the Quarterly Listing of Alien Insurers. Appeal procedures are described in the International Insurers Department (IID) Plan of Operation.
    7. Monitor and review developments in case law and rehabilitation proceedings related to risk-retention groups (RRGs). If warranted, make appropriate changes to the Risk Retention and Purchasing Group Handbook.
    8. Monitor the activities of the Federal Crop Insurance Corporation (FCIC) that affect state insurance regulators:
      1. Serve as a forum for discussing issues related to the interaction of federal crop insurance programs with state insurance regulation.
      2. Review law changes and court decisions and, if warranted, make appropriate changes to the Federal Crop Insurance Program Handbook: A Guide for Insurance Regulators.
      3. Monitor the regulatory information exchanges between the FCIC and state insurance regulators, as well as the FCIC and the NAIC, and make recommendations for improvement or revisions, as needed.
    9. Review findings in the pet insurance white paper and consider whether any additional regulatory activities are warranted, including the possibility of drafting a model law or guideline.
  2. The Cannabis Insurance (C) Working Group will:
    1. Consider the insurance regulatory issues surrounding the legalized cannabis business, including availability and scope of coverage, workers' compensation issues, and consumer information and protection. The Working Group will develop a white paper outlining the issues and containing recommendations for the development of regulatory guidance as appropriate. The Working Group will complete its work by first quarter 2020.
  3. The Catastrophe Insurance (C) Working Group will:
    1. Monitor and recommend measures to improve the availability and affordability of insurance and reinsurance related to catastrophe perils for personal and commercial lines.
    2. Evaluate potential state, regional and national programs to increase capacity for insurance and reinsurance related to catastrophe perils.
    3. Monitor and assess proposals that address disaster insurance issues at the federal and state levels. Assess concentration-of-risk issues and whether a regulatory solution is needed.
    4. Provide a forum for discussing issues and recommending solutions related to insuring for catastrophe risk, including terrorism, war and natural disasters.
    5. Provide a forum for discussing various issues related to catastrophe modeling, and monitor issues that will result in changes to the Catastrophe Computer Modeling Handbook.
    6. Investigate and recommend ways the NAIC can assist states in responding to disasters, and discuss issues surrounding loss mitigation. Update the State Disaster Response Plan, as needed, so that it provides a blueprint for action by the states to respond to catastrophic events.
    7. Collect and analyze National Flood Insurance Program (NFIP) data, and create a best practices document to help facilitate the private flood insurance market.
    8. Study, in coordination with other NAIC task forces and working groups, earthquake matters of concern to state insurance regulators. Consider various innovative earthquake insurance coverage options aimed at improving take-up rates.
  4. The Climate Risk and Resilience (C) Working Group will:
    1. Engage with industry and stakeholders in the U.S. and abroad on climate related risk and resiliency issues.
    2. Investigate and recommend measures to reduce risks of climate change related to catastrophic events.
    3. Identify insurance and other financial mechanisms to protect infrastructure and reduce exposure to the public.
    4. Identify sustainability, resilience and mitigation issues and solutions related to the insurance industry.
    5. Evaluate private-public partnerships to improve insurance market capacity related to catastrophe perils.
    6. Investigate and receive information regarding the use of modeling by carriers and their reinsurers concerning climate risk.
    7. Review the impact of climate change on insurers through presentations by interested parties.
    8. Review innovative insurer solutions to climate risk, including new insurance products through presentations by interested parties.
  5. The Lender-Placed Insurance Model Act (C) Working Group will:
    1. Complete the drafting and adoption of a new model law concerning lender-placed insurance as it relates to mortgages.
  6. The Pet Insurance (C) Working Group will:
    1. Review "A Regulator's Guide to Pet Insurance" and consider whether a model law or guideline is needed to establish appropriate regulatory standards for the pet insurance industry.
  7. The Terrorism Insurance Implementation (C) Working Group will:
    1. Coordinate the NAIC's efforts to address insurance coverage for acts of terrorism. Work with the U.S. Department of the Treasury's Terrorism Risk Insurance Program
    2. (TRIP) Office on matters of mutual concern. Discuss long-term solutions to address the risk of loss from acts of terrorism.
    3. Review and report on data collection related to insurance coverage for acts of terrorism.
  8. The Transparency and Readability of Consumer Information (C) Working Group will:
    1. Study and evaluate actions that will improve the capacity of consumers to comparison shop on the basis of differences in coverage provided by different insurance carriers offering personal lines products.
    2. Systematize and improve presale disclosures of coverage.
    3. Increase consumer accessibility to different carriers' policy forms on a presale basis. The Working Group should consider all possible avenues of accessibility, including state insurance department websites, the NAIC, insurance companies and the possibility of presale provision of complete policy language.
    4. Facilitate consumers' capacity to understand the content of insurance policies and assess differences in insurers' policy forms. The Working Group should consider: 1) implementing new readability rules as suggested by the Market Regulation and Consumer Affairs (D) Committee; 2) promoting consistent, clear and logical formatting and organization of all policies; and 3) any other measures that would improve the intellectual accessibility of policy forms.
    5. Develop a shopping tool for homeowners, renters and business owners on flood insurance coverage, and work with state insurance regulators to develop a standardized website and flood bulletin to assist consumers who have questions regarding flood insurance.
    6. Study and discuss whether there is a need for consumer disclosures regarding significant premium increases on property/casualty (P/C) insurance products.
    7. Update A Shopping Tool for Homeowners Insurance and A Shopping Tool for Automobile Insurance.

 

NAIC Support Staff: Aaron Brandenburg/Kris DeFrain

Property and Casualty Insurance (C) Committee

2019 Spring National Meeting
Orlando Florida
Property and Casualty Insurance (C) Committee
Monday, April 08, 2019
1:30 PM ET, 12:30 PM CT, 11:30 AM MT, 10:30 AM PT
Estimated Call Length: 1 hr 30 min

Ritz Carlton Ballroom Salons 1-3 - Ritz Carlton - Lobby Level

There are no exposure drafts at this time.

 

Contacts

Media Inquiries
(816) 783-8909
news@naic.org


Aaron Brandenburg
Statistical Information Manager
Phone: 816-783-8271
Email: abrandenburg@naic.org

Kris DeFrain, FCAS, MAAA, CPCU 
Director, Research and Actuarial Department
Phone: 816-783-8229
Email: kdefrain@naic.org

Please see the current Committee List for a complete list of committee members.

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